Definitive Analysis
| Stable Growth | $231,503.11 - $373,272.18 | $295,409.06 |
| Multi-Stage | $493,288.69 - $541,533.65 | $516,945.64 |
| Blended Fair Value | $406,177.35 | |
| Current Price | $115,100.00 | |
| Upside | 252.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.03% | 7.77% | 12,715.36 | 13,008.08 | 12,923.61 | 12,247.13 | 12,685.22 | 12,079.26 | 10,744.84 | 9,684.79 | 8,365.81 | 7,214.11 |
| YoY Growth | - | - | -2.25% | 0.65% | 5.52% | -3.45% | 5.02% | 12.42% | 10.95% | 15.77% | 15.96% | 19.89% |
| Dividend Yield | - | - | 11.88% | 9.60% | 9.08% | 8.50% | 9.76% | 6.41% | 6.76% | 6.24% | 4.99% | 4.28% |
| Net Income To Common (M) | 25,990.60 |
| (-) Cash Dividends Paid (M) | 23,150.38 |
| (=) Cash Retained (M) | 2,840.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,198.12 | 3,248.83 | 1,949.30 |
| Cash Retained (M) | 2,840.22 | 2,840.22 | 2,840.22 |
| (-) Cash Required (M) | -5,198.12 | -3,248.83 | -1,949.30 |
| (=) Excess Retained (M) | -2,357.90 | -408.60 | 890.93 |
| (/) Shares Outstanding (M) | 1.19 | 1.19 | 1.19 |
| (=) Excess Retained per Share | -1,975.28 | -342.30 | 746.36 |
| LTM Dividend per Share | 19,393.76 | 19,393.76 | 19,393.76 |
| (+) Excess Retained per Share | -1,975.28 | -342.30 | 746.36 |
| (=) Adjusted Dividend | 17,418.48 | 19,051.46 | 20,140.11 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.97% | 0.03% | 1.03% |
| Fair Value | $231,503.11 | $295,409.06 | $373,272.18 |
| Upside / Downside | 101.13% | 156.65% | 224.30% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 25,990.60 | 25,998.84 | 26,007.08 | 26,015.32 | 26,023.57 | 26,031.81 | 26,812.77 |
| Payout Ratio | 89.07% | 89.26% | 89.44% | 89.63% | 89.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 23,150.38 | 23,205.96 | 23,261.58 | 23,317.23 | 23,372.92 | 23,428.63 | 24,801.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.97% | 0.03% | 1.03% |
| Year 1 PV (M) | 21,575.27 | 21,793.13 | 22,011.00 |
| Year 2 PV (M) | 20,107.24 | 20,515.37 | 20,927.60 |
| Year 3 PV (M) | 18,739.02 | 19,312.44 | 19,897.44 |
| Year 4 PV (M) | 17,463.83 | 18,179.97 | 18,917.91 |
| Year 5 PV (M) | 16,275.35 | 17,113.83 | 17,986.53 |
| PV of Terminal Value (M) | 494,679.35 | 520,164.68 | 546,689.73 |
| Equity Value (M) | 588,840.07 | 617,079.43 | 646,430.21 |
| Shares Outstanding (M) | 1.19 | 1.19 | 1.19 |
| Fair Value | $493,288.69 | $516,945.64 | $541,533.65 |
| Upside / Downside | 328.57% | 349.13% | 370.49% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | 0.55% | $0.71 | 28.86% |
| UHS | Universal Health Services, Inc. | 0.55% | $1.21 | 5.70% |
| 0I0T.L | Coca-Cola Consolidated, Inc. | 0.54% | $0.81 | 11.41% |
| HSTM | HealthStream, Inc. | 0.54% | $0.12 | 17.69% |
| LLY | Eli Lilly and Company | 0.54% | $5.79 | 28.28% |
| TECH | Bio-Techne Corporation | 0.54% | $0.32 | 64.31% |
| TRU | TransUnion | 0.54% | $0.45 | 21.24% |
| VST | Vistra Corp. | 0.54% | $0.89 | 26.39% |
| 0R2Z.L | Mastercard Incorporated | 0.52% | $2.96 | 18.79% |
| DHR | Danaher Corporation | 0.52% | $1.19 | 24.18% |
| MKSI | MKS Inc. | 0.52% | $0.87 | 21.15% |
| 0JT5.L | Lam Research Corporation | 0.51% | $0.93 | 20.32% |
| 0JZ0.L | Martin Marietta Materials, Inc. | 0.51% | $3.22 | 16.93% |
| EVTC | EVERTEC, Inc. | 0.51% | $0.15 | 6.55% |
| GPI | Group 1 Automotive, Inc. | 0.51% | $2.01 | 6.83% |
| MUSA | Murphy USA Inc. | 0.51% | $2.05 | 8.36% |
| PCG | Pacific Gas & Electric Co. | 0.51% | $0.08 | 6.94% |
| CHE | Chemed Corporation | 0.50% | $2.11 | 11.01% |
| FBIO | Fortress Biotech, Inc. | 0.50% | $0.02 | 16.65% |
| HWKN | Hawkins, Inc. | 0.50% | $0.73 | 18.33% |
| NMRK | Newmark Group, Inc. | 0.50% | $0.08 | 20.64% |
| PRLH | Pearl Holdings Acquisition Corp | 0.50% | $0.06 | 54.69% |
| EXP | Eagle Materials Inc. | 0.48% | $1.02 | 7.46% |
| FCAX | Fortress Capital Acquisition Corp. | 0.48% | $0.05 | 6.11% |
| FSS | Federal Signal Corporation | 0.48% | $0.54 | 13.95% |
| AAON | AAON, Inc. | 0.47% | $0.37 | 30.87% |
| CR | Crane Company | 0.47% | $0.88 | 14.07% |
| HGTY | Hagerty, Inc. | 0.47% | $0.06 | 12.93% |
| IDCC | InterDigital, Inc. | 0.47% | $1.55 | 10.87% |
| PCG-PI | Pacific Gas and Electric Company PFD 1ST 4.36% | 0.47% | $0.08 | 6.94% |
| SEB | Seaboard Corporation | 0.47% | $20.86 | 5.03% |
| AMEH | Apollo Medical Holdings, Inc. | 0.46% | $0.18 | 93.62% |
| IDT | IDT Corporation | 0.46% | $0.23 | 7.15% |
| KAI | Kadant Inc. | 0.46% | $1.32 | 15.23% |
| PRGS | Progress Software Corporation | 0.46% | $0.19 | 17.10% |
| UI | Ubiquiti Inc. | 0.46% | $2.60 | 19.86% |
| WWE | World Wrestling Entertainment, Inc. | 0.46% | $0.46 | 21.62% |
| APH | Amphenol Corporation | 0.45% | $0.62 | 20.92% |
| DIS | The Walt Disney Company | 0.45% | $0.50 | 7.30% |
| ENTG | Entegris, Inc. | 0.45% | $0.40 | 21.08% |
| PCG-PC | Pacific Gas and Electric Company PFD 1ST 5% | 0.45% | $0.08 | 6.94% |
| WMS | Advanced Drainage Systems, Inc. | 0.45% | $0.68 | 11.54% |
| REVG | REV Group, Inc. | 0.44% | $0.27 | 14.08% |
| RYAN | Ryan Specialty Holdings, Inc. | 0.44% | $0.22 | 87.54% |
| TRS | TriMas Corporation | 0.44% | $0.16 | 14.97% |
| WAB | Westinghouse Air Brake Technologies Corporation | 0.44% | $0.96 | 13.90% |
| WING | Wingstop Inc. | 0.44% | $1.14 | 18.31% |
| TW | Tradeweb Markets Inc. | 0.43% | $0.46 | 15.57% |
| IBKR | Interactive Brokers Group, Inc. | 0.42% | $0.28 | 13.63% |
| MTRN | Materion Corporation | 0.42% | $0.55 | 58.77% |